Rental Income

Rental Income

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Client will buy Property in joint name, spouse on PAYE, no Tax return, Client self employed small profits so far. Does the Rental income have to be apportioned 50:50 and if altered will that affect CGT?

Many thanks in advance for any suggestions

Replies (4)

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By The Innkeeper
07th Jan 2013 13:25

search HMRC

website for Form17

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By jimmercy
07th Jan 2013 14:17

Thanks

That's great thank you, not sure if a 0% 100% is allowed

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By The Innkeeper
07th Jan 2013 15:19

I wouldn't

try 95:5

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By pjones
07th Jan 2013 17:11

Joint Property

If the propertry is held as joint tenants then a Form 17 cannot be used - the Form 17 can only be used where the property is actually held in unequal shares - it cannot be made where as joint tenants you are both jointly owning the whole property and jointly entitled to the whole of the income - in these circumstances the income will be split 50:50

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